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Cromwell completes acquisition of Brisbane property

Cromwell Property Group completed the acquisition of a commercial building at 400 George St. in Brisbane, Australia, for about A$524.8 million.

Cromwell Property entered into an agreement with Blackstone Group Inc. and HSBC Trinkaus & Burkhardt AG to buy the property in August.

The 35-story building has a net area of 43,978 square meters available to rent, with a weighted average lease expiry of 4.9 years and 99.8% occupancy rate.

The property, which includes office, retail and childcare space, is leased to blue-chip corporate and state and commonwealth government tenants.